57. Viscount Hinehingbrookeasked the Financial Secretary to the Treasury whether he is aware that a ruling of the Inland Revenue on the applications of the new stamp duties to registered securities bought before 22nd July and delivered after 1st August contravenes the previous Government decision of 12th June; that brokers who have acted in good faith on that decision will suffer financial loss if the Inland Revenue ruling is confirmed; and whether he will either reverse the ruling or indemnify brokers against consequential loss.
§ Mr. Glenvil HallI am aware that there has been some misunderstanding about the increase of stamp duty on overseas transactions. We have already put an amendment to the Finance Bill, under which the existing rate of duty will continue to apply to transfers on sale of stocks or marketable securities which give effect only to sales made before 1st August where the transfer or the relative document of title had to be sent to Great Britain from overseas.